Malcolm Graham-Wood
Independent Analyst
The day before the Opec meeting and pre-meeting jitters are an expected feature, yesterday the price fell with WTI closing below the magic $40 number. The figure that chartists lose a lot of sleep over is $38.99, a massive long term support level so watch this space. This morning crude has rallied around 50 cents as I write but its all in the melting pot ahead of tomorrow.
Sundry news out yesterday included Saudi Aramco cutting prices to Asian customers, EIA inventory stats showing a build of 1.2m barrels vs a forecast of a 696/- draw and the Saudis laying down their ideas about next year’s quotas implying that agreements will have to be across the board.
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